WONG Fuk Kin, JoeJoeWONG Fuk Kin2012-10-042012-10-0420099789881844323http://hdl.handle.net/20.500.11861/822With the world’s largest recorded initial public offering (IPO) of Industrial and Commercial Bank of China in October 2006, the Hong Kong Exchanges and Clearing Limited became the world’s second largest market for IPO fund-raising of that year. In the backdrop of the largest subscription rate of 1,703 times of Tianjin Port Development in May 2006 and the highest first trading day profit of 192.6% of Alibaba.com in November 2007, the objective of this study is to investigate the recent developments in the Hong Kong IPO market. As the stock market and IPO market are interlinked and interdependent, to begin with, a brief history of the stock market will be introduced, followed by an analysis of the trend of growth of stock market in Hong Kong. Then, there will be a comprehensive analysis of the recent developments in the Hong Kong IPO market including the growth of the number of IPOs, the growth of the new capital raised and that raised by IPOs, the rules and procedures in listing, the methods of listing, oversubscription and methods of allotment, and the price performance of IPOs.enInitial Public Offerings (IPOs)ListingOversubscriptionUnderpricingWorking Paper